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BENTLEY SYSTEMS INC-CLASS B (BSY) Stock Fundamental Analysis

NASDAQ:BSY - Nasdaq - US08265T2087 - Common Stock - Currency: USD

42.83  -1.07 (-2.44%)

After market: 42.83 0 (0%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to BSY. BSY was compared to 283 industry peers in the Software industry. While BSY belongs to the best of the industry regarding profitability, there are concerns on its financial health. BSY is growing strongly while it is still valued neutral. This is a good combination!


Dividend Valuation Growth Profitability Health

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9

1. Profitability

1.1 Basic Checks

BSY had positive earnings in the past year.
BSY had a positive operating cash flow in the past year.
BSY had positive earnings in each of the past 5 years.
Each year in the past 5 years BSY had a positive operating cash flow.
BSY Yearly Net Income VS EBIT VS OCF VS FCFBSY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

1.2 Ratios

The Return On Assets of BSY (6.90%) is better than 81.82% of its industry peers.
BSY has a better Return On Equity (22.55%) than 88.73% of its industry peers.
BSY has a better Return On Invested Capital (9.66%) than 85.45% of its industry peers.
BSY had an Average Return On Invested Capital over the past 3 years of 8.00%. This is below the industry average of 11.71%.
The 3 year average ROIC (8.00%) for BSY is below the current ROIC(9.66%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 6.9%
ROE 22.55%
ROIC 9.66%
ROA(3y)7.42%
ROA(5y)7.4%
ROE(3y)30.01%
ROE(5y)29.96%
ROIC(3y)8%
ROIC(5y)10.54%
BSY Yearly ROA, ROE, ROICBSY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

1.3 Margins

With an excellent Profit Margin value of 17.35%, BSY belongs to the best of the industry, outperforming 83.64% of the companies in the same industry.
BSY's Profit Margin has improved in the last couple of years.
The Operating Margin of BSY (23.09%) is better than 90.18% of its industry peers.
BSY's Operating Margin has improved in the last couple of years.
BSY has a Gross Margin of 80.95%. This is amongst the best in the industry. BSY outperforms 84.00% of its industry peers.
BSY's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 23.09%
PM (TTM) 17.35%
GM 80.95%
OM growth 3Y5.52%
OM growth 5Y3.69%
PM growth 3Y21.55%
PM growth 5Y4.39%
GM growth 3Y1.43%
GM growth 5Y0.13%
BSY Yearly Profit, Operating, Gross MarginsBSY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

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3

2. Health

2.1 Basic Checks

BSY has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, BSY has more shares outstanding
Compared to 5 years ago, BSY has more shares outstanding
Compared to 1 year ago, BSY has an improved debt to assets ratio.
BSY Yearly Shares OutstandingBSY Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
BSY Yearly Total Debt VS Total AssetsBSY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

An Altman-Z score of 3.91 indicates that BSY is not in any danger for bankruptcy at the moment.
With a decent Altman-Z score value of 3.91, BSY is doing good in the industry, outperforming 60.36% of the companies in the same industry.
The Debt to FCF ratio of BSY is 3.30, which is a good value as it means it would take BSY, 3.30 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 3.30, BSY is in line with its industry, outperforming 60.00% of the companies in the same industry.
BSY has a Debt/Equity ratio of 1.33. This is a high value indicating a heavy dependency on external financing.
BSY has a worse Debt to Equity ratio (1.33) than 80.36% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.33
Debt/FCF 3.3
Altman-Z 3.91
ROIC/WACC0.72
WACC13.37%
BSY Yearly LT Debt VS Equity VS FCFBSY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

2.3 Liquidity

BSY has a Current Ratio of 0.54. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 0.54, BSY is doing worse than 92.00% of the companies in the same industry.
A Quick Ratio of 0.54 indicates that BSY may have some problems paying its short term obligations.
BSY has a worse Quick ratio (0.54) than 92.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.54
Quick Ratio 0.54
BSY Yearly Current Assets VS Current LiabilitesBSY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

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7

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 17.58% over the past year.
The Earnings Per Share has been growing by 12.41% on average over the past years. This is quite good.
The Revenue has grown by 10.16% in the past year. This is quite good.
Measured over the past years, BSY shows a quite strong growth in Revenue. The Revenue has been growing by 12.93% on average per year.
EPS 1Y (TTM)17.58%
EPS 3Y8.4%
EPS 5Y12.41%
EPS Q2Q%5%
Revenue 1Y (TTM)10.16%
Revenue growth 3Y11.93%
Revenue growth 5Y12.93%
Sales Q2Q%12.61%

3.2 Future

BSY is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 15.88% yearly.
The Revenue is expected to grow by 10.47% on average over the next years. This is quite good.
EPS Next Y12.76%
EPS Next 2Y13.47%
EPS Next 3Y11.79%
EPS Next 5Y15.88%
Revenue Next Year10.53%
Revenue Next 2Y10.56%
Revenue Next 3Y14.07%
Revenue Next 5Y10.47%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
BSY Yearly Revenue VS EstimatesBSY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 500M 1B 1.5B 2B
BSY Yearly EPS VS EstimatesBSY Yearly EPS VS EstimatesYearly EPS VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0.5 1 1.5

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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 40.03 indicates a quite expensive valuation of BSY.
BSY's Price/Earnings ratio is a bit cheaper when compared to the industry. BSY is cheaper than 63.64% of the companies in the same industry.
When comparing the Price/Earnings ratio of BSY to the average of the S&P500 Index (29.75), we can say BSY is valued slightly more expensively.
BSY is valuated quite expensively with a Price/Forward Earnings ratio of 35.50.
BSY's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. BSY is cheaper than 62.91% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.44. BSY is valued rather expensively when compared to this.
Industry RankSector Rank
PE 40.03
Fwd PE 35.5
BSY Price Earnings VS Forward Price EarningsBSY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

71.64% of the companies in the same industry are more expensive than BSY, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, BSY is valued a bit cheaper than 73.09% of the companies in the same industry.
Industry RankSector Rank
P/FCF 30.73
EV/EBITDA 38.71
BSY Per share dataBSY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4 -4

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
The excellent profitability rating of BSY may justify a higher PE ratio.
PEG (NY)3.14
PEG (5Y)3.23
EPS Next 2Y13.47%
EPS Next 3Y11.79%

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4

5. Dividend

5.1 Amount

BSY has a yearly dividend return of 0.64%, which is pretty low.
Compared to an average industry Dividend Yield of 13.06, BSY pays a better dividend. On top of this BSY pays more dividend than 90.55% of the companies listed in the same industry.
With a Dividend Yield of 0.64, BSY pays less dividend than the S&P500 average, which is at 2.30.
Industry RankSector Rank
Dividend Yield 0.64%

5.2 History

BSY has been paying a dividend for over 5 years, so it has already some track record.
BSY has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years1
Div Non Decr Years3
BSY Yearly Dividends per shareBSY Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 0.05 0.1 0.15 0.2

5.3 Sustainability

BSY pays out 30.73% of its income as dividend. This is a sustainable payout ratio.
DP30.73%
EPS Next 2Y13.47%
EPS Next 3Y11.79%
BSY Yearly Income VS Free CF VS DividendBSY Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
BSY Dividend Payout.BSY Dividend Payout, showing the Payout Ratio.BSY Dividend Payout.PayoutRetained Earnings

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BENTLEY SYSTEMS INC-CLASS B

NASDAQ:BSY (3/3/2025, 8:16:01 PM)

After market: 42.83 0 (0%)

42.83

-1.07 (-2.44%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)02-26 2025-02-26/bmo
Earnings (Next)05-05 2025-05-05/amc
Inst Owners42.78%
Inst Owner Change3.78%
Ins Owners41.13%
Ins Owner Change-0.84%
Market Cap12.95B
Analysts80
Price Target58.09 (35.63%)
Short Float %3.62%
Short Ratio5.4
Dividend
Industry RankSector Rank
Dividend Yield 0.64%
Yearly Dividend0.24
Dividend Growth(5Y)N/A
DP30.73%
Div Incr Years1
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-3.02%
Min EPS beat(2)-4.04%
Max EPS beat(2)-2.01%
EPS beat(4)2
Avg EPS beat(4)10.53%
Min EPS beat(4)-4.04%
Max EPS beat(4)31.97%
EPS beat(8)6
Avg EPS beat(8)14.32%
EPS beat(12)10
Avg EPS beat(12)13.87%
EPS beat(16)14
Avg EPS beat(16)18%
Revenue beat(2)0
Avg Revenue beat(2)-1.87%
Min Revenue beat(2)-2.61%
Max Revenue beat(2)-1.14%
Revenue beat(4)1
Avg Revenue beat(4)-1.2%
Min Revenue beat(4)-2.61%
Max Revenue beat(4)0.61%
Revenue beat(8)3
Avg Revenue beat(8)-0.19%
Revenue beat(12)5
Avg Revenue beat(12)-0.08%
Revenue beat(16)9
Avg Revenue beat(16)0.5%
PT rev (1m)0%
PT rev (3m)-3.19%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-0.69%
EPS NY rev (1m)0%
EPS NY rev (3m)0.18%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.27%
Revenue NY rev (1m)-0.07%
Revenue NY rev (3m)-0.07%
Valuation
Industry RankSector Rank
PE 40.03
Fwd PE 35.5
P/S 9.57
P/FCF 30.73
P/OCF 29.74
P/B 12.44
P/tB N/A
EV/EBITDA 38.71
EPS(TTM)1.07
EY2.5%
EPS(NY)1.21
Fwd EY2.82%
FCF(TTM)1.39
FCFY3.25%
OCF(TTM)1.44
OCFY3.36%
SpS4.48
BVpS3.44
TBVpS-5.1
PEG (NY)3.14
PEG (5Y)3.23
Profitability
Industry RankSector Rank
ROA 6.9%
ROE 22.55%
ROCE 12.08%
ROIC 9.66%
ROICexc 9.91%
ROICexgc N/A
OM 23.09%
PM (TTM) 17.35%
GM 80.95%
FCFM 31.13%
ROA(3y)7.42%
ROA(5y)7.4%
ROE(3y)30.01%
ROE(5y)29.96%
ROIC(3y)8%
ROIC(5y)10.54%
ROICexc(3y)8.22%
ROICexc(5y)11.91%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)10%
ROCE(5y)13.18%
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3Y4.29%
ROICexc growth 5Y-15.93%
OM growth 3Y5.52%
OM growth 5Y3.69%
PM growth 3Y21.55%
PM growth 5Y4.39%
GM growth 3Y1.43%
GM growth 5Y0.13%
F-Score7
Asset Turnover0.4
Health
Industry RankSector Rank
Debt/Equity 1.33
Debt/FCF 3.3
Debt/EBITDA 3.68
Cap/Depr 21.74%
Cap/Sales 1.04%
Interest Coverage 18.16
Cash Conversion 115.47%
Profit Quality 179.48%
Current Ratio 0.54
Quick Ratio 0.54
Altman-Z 3.91
F-Score7
WACC13.37%
ROIC/WACC0.72
Cap/Depr(3y)27.47%
Cap/Depr(5y)32.2%
Cap/Sales(3y)1.59%
Cap/Sales(5y)1.72%
Profit Quality(3y)148.6%
Profit Quality(5y)185.51%
High Growth Momentum
Growth
EPS 1Y (TTM)17.58%
EPS 3Y8.4%
EPS 5Y12.41%
EPS Q2Q%5%
EPS Next Y12.76%
EPS Next 2Y13.47%
EPS Next 3Y11.79%
EPS Next 5Y15.88%
Revenue 1Y (TTM)10.16%
Revenue growth 3Y11.93%
Revenue growth 5Y12.93%
Sales Q2Q%12.61%
Revenue Next Year10.53%
Revenue Next 2Y10.56%
Revenue Next 3Y14.07%
Revenue Next 5Y10.47%
EBIT growth 1Y25.72%
EBIT growth 3Y18.11%
EBIT growth 5Y17.09%
EBIT Next Year20.3%
EBIT Next 3Y14.64%
EBIT Next 5Y15.95%
FCF growth 1Y7.54%
FCF growth 3Y15.91%
FCF growth 5Y22.26%
OCF growth 1Y4.46%
OCF growth 3Y14.76%
OCF growth 5Y20.58%